Growth Gateway: Masterclass, Fundraising in Africa (summary)
Published 30 December 2025
© Crown copyright 2025
This publication is licensed under the terms of the Open Government Licence v3.0 except where otherwise stated. To view this licence, visit nationalarchives.gov.uk/doc/open-government-licence/version/3 or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: psi@nationalarchives.gov.uk.
Where we have identified any third party copyright information you will need to obtain permission from the copyright holders concerned.
This publication is available at https://www.gov.uk/government/publications/growth-gateway-masterclass-fundraising-in-africa/growth-gateway-masterclass-fundraising-in-africa-summary
The Fundraising in Africa masterclass was delivered by Boston Consulting Group, and provides a structured, 4‑step approach to help founders raise capital with confidence and discipline.
It begins by linking funding needs to clear strategic milestones, encouraging founders to size rounds around traction to reduce dilution and improve resilience. It then sets out how to design an optimal capital stack, balancing equity, debt and concessional funding, while managing cost of capital and timing.
The masterclass explains the roles of grants, equity and debt, and compares their risks, suitability and implications for ownership and cash flow. Founders will learn to identify investor types across Africa, understand typical ticket sizes and return expectations, and match investor focus to company stage and risk profile. Practical guidance shows how to craft an evidence‑based equity story, prepare pitchbooks for equity and debt, and set data-backed valuation ranges for negotiation.
The session covers investor engagement routes including warm introductions, events, media visibility, pitching and structured cold outreach, with tips to raise response rates. It highlights common biases affecting women founders, and recommends strategies to emphasise commercial viability, growth plans and confident delivery.
The materials include data room best practices and a checklist of tough investor questions to prepare clear, consistent answers supported by metrics.
Four main lessons are highlighted as takeaways for investors:
- quantify your capital needs and how it will be allocated
- choose the capital mix that fits your business model and stage
- be selective about your investors
- manage the fundraising process like a commercial campaign